Swiss specialist investment manager SUSI Partners has made an investment in Alba Renewables, a Singapore-headquartered company that develops, constructs, and operates renewable energy projects across the APAC region.
The investment has been routed through SUSI Asia Energy Transition Fund (SAETF), which is currently on the road to raise capital even though it had closed with a corpus of $120 million in May 2023.
The investment will help support Alba’s projects in the Philippines as it looks to develop a regional utility-scale renewables platform in the country, stated a media release. A part of the funding will help facilitate Alba’s broader growth plans across Southeast Asia.
The deal size, however, was not disclosed.
Alba Renewables claims to have developed renewable energy worth 5 GW in over 10 Asian countries.
SUSI Partners currently manages EUR 1.9 billion on behalf of institutional investors. The firm earlier made headlines in 2021 when it made the first close of SAETF at $81 million, and subsequently, last year when the final close was announced at $120 million in May.
The fund prioritises Indonesia, Thailand, Vietnam and the Philippines as its focus markets, followed by Malaysia, Cambodia, and Laos. Its activities are led by SUSI Partners’s local team in Singapore.
Earlier this week, DealStreetAsia reported SUSI Partners’ decision to reopen the fund with its existing LPs evincing interest to increase their allocations in the investment vehicle.
SAETF’s investor base includes seven development finance institutions as well as select private investors, such as the Asian Infrastructure Investment Bank, Dutch FMO, Nordic DFIs Norfund and Swedfund, Austrian OeEB, British International Investment, and the Belgian Investment Company for Developing Countries.
The fund’s current portfolio consists of six investments with exposures well diversified across themes that are central to the energy transition in Asia, including utility-scale renewable energy, rooftop solar PV for commercial and industrial clients, and energy efficiency.
